Clarke, 53, will step down from the board on Feb. 28, the
London-based company said in a statement today. Roman, the
firm’s chief operating officer, joined Man Group when the
company purchased GLG Partners Inc. for $1.6 billion in 2010.
The stock jumped 5 percent in London trading.

Man Group has struggled as some of its products, including
its AHL computer-algorithm-driven flagship fund, lag their
historical returns and clients pull money. The stock has fallen
38 percent this year, even as Clarke introduced a plan to cut
almost $200 million in costs to boost returns to shareholders
and a management shakeup in June saw Jonathan Sorrell, a former
Goldman Sachs Group Inc. executive, become finance director.

The share jump “suggests those trading have taken it
positively, perhaps thinking a change of blood could be more
radical in transforming the business,” said David McCann, a
London-based analyst at Numis Securities Ltd. with a sell rating
on the stock. “Long term, it will be tough. All the profits are
coming from a single fund that’s under-performing badly, and you
can’t change what it does.”

AHL Performance

Man Group shares closed 3.65 pence higher at 77.30 pence,
giving the company a market value of about 1.4 billion pounds.

AHL, Man Group’s biggest fund and most significant profit
generator, relies on computer programs to spot profitable trades
in futures markets. It was down about 14 percent on average from
its high-water mark at the end of the third quarter, the company
said in October. That’s the point at which the fund can charge
performance fees to existing investors. AHL’s assets under
management were $16.3 billion on Sept. 30, down from $19.5
billion as of March 31.

After joining Man Group as operating chief, Roman oversaw
the move of former GLG colleagues to key positions. Raffaele
Costa replaced Martin Keller as head of sales for North America
and Europe in 2010, while Richard Phillips took over from John
Bennett as head of U.K. retail that year.

Roman joined GLG as co-CEO with Noam Gottesman in 2005
after 18 years at Goldman Sachs, where he was a partner and co-head of the European equities division. Gottesman, also a
Goldman Sachs alumnus, founded GLG with Pierre Lagrange in 1995.

Man’s outflows increased 57 percent in the third quarter,
while total assets under management rose to $60 billion, up from
$52.7 billion at June 30. The acquisition of FRM, a fund-of-hedge-funds manager, added $8.3 billion to that figure as it was
completed during the quarter. Man Group said in October that its
funds added $500 million overall through positive performance.